Wireless telecommunications services provider SK Telecom Co. Ltd. (SKM) said Thursday operating income for the fourth quarter declined year-over-year by 5.5%, while EBITDA increased 3.4%.
For the fourth quarter, the Seoul, South Korea-based company's revenues grew by 3.1% to KRW 3.1 trillion from the previous quarter. Operating income for the quarter declined by 5.5% to KRW 443.1 billion, while EBITDA increased by 3.4% to KRW 1.095 trillion from the prior-year quarter. For the full year 2009, SK Telecom reported net income of KRW 1.288 trillion, an increase of 0.8% from the year earlier. Annual revenues increased by 3.7% to KRW 12.101 trillion from last year, helped by increase in number of subscribers and wireless Internet growth, despite expanded discount plans and tariff cuts. Operating income for the year was KRW 2.179 trillion, up 5.8% from the preceding year, supported by rise in revenues as well as cost cutting measures.
EBITDA for the full year improved by 5.1% from the year earlier to KRW 4.209 trillion. SK Telecom noted that capital expenditure for the fiscal totaled KRW 1.769 trillion, as the company continued its investments including WCDMA network upgrade and Wibro network expansion. According to the company, cumulative number of subscribers during the year grew by 5.3% from last year and reached 24.25 million. Average revenue per user or ARPU edged down by 1.3% to KRW 42,469. Cho Ki-Haeng, president of the company's Global Management Service said, "In 2010 SK Telecom will further strengthen its leading position in the wireless Internet market by securing smartphone leadership, innovating content use and development environment, investing in data networks, and opening up and sharing networks. At the same time, the company will continue its efforts to secure future growth by actively promoting IPE business, its new growth engine." SKM closed Wednesday's regular trading at $18.06, up $0.96 or 5.61%, on a volume of 2.4 million shares.
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